Irvine, CA (PRWEB) August 19, 2013
Driven largely by minority buyers, California's real estate market is expanding on a better supply of homes up for sale, while an across the board increase in prices has led to a double digit drop in the number of home owners facing foreclosure from a year ago according to an analysis released today by First Team Real Estate, California's largest independent real estate broker.
The real time market analysis from data found on its Market Trend page at firstteam.com, the California Association of Realtors, the federal Housing and Urban Development agency, and several private data companies, shows that while foreclosures dropped by 10.7% last year in California, minority buying of property in California reached over 65% of transactions.
"California has been a leader in creating a diverse economy driven by residents working in a number of industries and backgrounds," said Chris Pollinger, Senior Vice President, Sales for First Team Real Estate. "The real estate market's success is proof that the hard work of making sure opportunity is open to all is now driving our state's real estate and economic growth."
Over the last year, the Orange County real estate market has expanded listings by 4% with First Team's listings up by 31% over the same period.
"Prices continue to rise even as supply increases, this means that more people, first time buyers or those sidelined in the last market are ready to buy," said Chris Pollinger. "Now is the time to buy and now is a great time to put your home on the market."
To gain more insight into the Southern California real estate market, go to First Team's Market Trends by clicking http://ow.ly/nNBTI
About First Team Real Estate
Growing from a single office in Huntington Beach, CA in 1976, First Team Real Estate is now Orange County's largest and most trusted private real estate agency with offices across California. In 2011 and 2012, First Team was recognized as Best Real Estate Company by the annual Orange County Register survey of 100,000 Southern California households. We can be reached at (888) 236-1943.
Firstteam.com is the official website of First Team Real Estate, and is used daily by thousands of unique users who trust its property and market analysis data which is updated four times daily on average. According to independent rating organizations of Internet usage and reach, firstteam.com is the most used brokerage property web site serving Southern California. For more information go to http://ow.ly/lZH0G.